{"id":32454,"date":"2023-11-14T06:52:50","date_gmt":"2023-11-14T10:52:50","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32454"},"modified":"2023-11-14T06:52:50","modified_gmt":"2023-11-14T10:52:50","slug":"bitcoin-price-lacks-momentum-above-37k-but-dips-likely-to-be-limited","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/14\/bitcoin-price-lacks-momentum-above-37k-but-dips-likely-to-be-limited\/","title":{"rendered":"Bitcoin Price Lacks Momentum Above $37K, But Dips Likely To Be Limited"},"content":{"rendered":"

Bitcoin price is consolidating gains below the $37,000 zone. BTC could gain bullish momentum if there is a close above the $36,800 and $37,000 levels.<\/em><\/p>\n

Bitcoin is holding gains above the $36,000 support zone.
\nThe price is trading below $37,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $36,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could make another attempt to gain strength above $37,000.<\/p>\n

Bitcoin Price Holds Key Support<\/h2>\n

Bitcoin price made another attempt to clear the $37,500 resistance<\/a>. However, BTC failed to continue higher toward the $38,000 resistance. A high was formed near $37,423 and the price started a downside correction.<\/p>\n

There was a move below the $37,000 pivot level. The price declined below the $36,500 level but stayed above $36,000. A low is formed near $36,183 and the price is now rising. There was a move above the $36,450 level. The price is trading above the 23.6% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low.<\/p>\n

Bitcoin is now trading below $37,000 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $36,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $36,600 level. The next key resistance could be near $36,800 or the 50% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low. The first major resistance is near $37,000, above which the price might accelerate further higher.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

In the stated case, it could test the $37,500 level. Any more gains might send BTC toward the $38,000 level, above which the price could gain bullish momentum and rally toward $40,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $36,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,180 level.<\/p>\n

The next major support is near $36,000. If there is a move below $36,000, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $35,500 in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $36,180, followed by $36,000.<\/p>\n

Major Resistance Levels \u2013 $36,600, $36,800, and $37,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating gains below the $37,000 zone. BTC could gain bullish momentum if there is a close above the $36,800 and $37,000 levels.<\/em><\/p>\n

Bitcoin is holding gains above the $36,000 support zone.
\nThe price is trading below $37,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $36,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could make another attempt to gain strength above $37,000.<\/p>\n

Bitcoin Price Holds Key Support<\/h2>\n

Bitcoin price made another attempt to clear the $37,500 resistance<\/a>. However, BTC failed to continue higher toward the $38,000 resistance. A high was formed near $37,423 and the price started a downside correction.<\/p>\n

There was a move below the $37,000 pivot level. The price declined below the $36,500 level but stayed above $36,000. A low is formed near $36,183 and the price is now rising. There was a move above the $36,450 level. The price is trading above the 23.6% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low.<\/p>\n

Bitcoin is now trading below $37,000 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $36,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $36,600 level. The next key resistance could be near $36,800 or the 50% Fib retracement level of the recent decline from the $37,423 swing high to the $36,183 low. The first major resistance is near $37,000, above which the price might accelerate further higher.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

In the stated case, it could test the $37,500 level. Any more gains might send BTC toward the $38,000 level, above which the price could gain bullish momentum and rally toward $40,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $36,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,180 level.<\/p>\n

The next major support is near $36,000. If there is a move below $36,000, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $35,500 in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $36,180, followed by $36,000.<\/p>\n

Major Resistance Levels \u2013 $36,600, $36,800, and $37,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32454","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32454"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32454\/revisions"}],"predecessor-version":[{"id":32466,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32454\/revisions\/32466"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32454"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}